The estate agent has sent us the confirmation of our purchase of a new build flat in Stilton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Stilton
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
Due to the input of my in-laws I had a survey completed on a property in Stilton prior to instructing lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies tend not grant a mortgage on a flying freehold property.
It varies from the lender to lender. Santander has different requirements for example to Halifax. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Stilton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Stilton to see if the conveyancing costs will increase in light of this.
My husband and I are FTB’s - agreed a price, but the selling agent told us that the seller will only proceed if we instruct the agent's recommended solicitors as they want an ‘expedited deal’. Our preferred option is to instruct a family conveyancer accustomed to conveyancing in Stilton
It is improbable the sellers are behind this. Should the seller want ‘a quick sale', alienating a serious purchaser is counter productive. Speak to the owners direct and make the point that (a)you are motivated purchasers (b)you are excited to move forward, with finances arranged © you have nothing to sell (d) you wish to move quickly (e)however you are going to use your own,trusted Stilton conveyancing lawyers - not the ones that will provide their estate agent a introducer fee or hit his conveyancing figures demanded by senior management.
What are the common defects that you witness in leases for Stilton properties?
Leasehold conveyancing in Stilton is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:
Repairing obligations to or maintain parts of the property Maintenance charge proportions which don’t add up to the correct percentage
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Mortgage Works, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
I bought a 1 bedroom flat in Stilton, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Similar flats in Stilton with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease comes to an end on 21st October 2078
With 59 years remaining on your lease we estimate the price of your lease extension to range between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
We are first time buyers just having agreed a price on a property in Stilton, and are about to get solicitors appointed. We have made use of the various comparison based websites and the quotes are from all over the country. Is it critical to have a Stilton conveyancer local to the prospective new home? We are content to do everything over the web, but I am thinking at some stage we will be required to attend the conveyancer's office to sign documents?
There is no requirement to physically visit the office of your conveyancer, they can send any relevant contracts to you, which you can sign and return. Many home movers choose to use a locally based solicitor, but it's by no means a prerequisite for conveyancing in Stilton.